cash money euro

The EU Commission has endorsed a positive preliminary assessment of Malta’s request for a €52.3 million disbursement under the Recovery and Resilience Facility (RRF). If approved, this would be the second grant Malta receives from this fund.

Malta submitted a request for the disbursement on 19th December 2022, based on the achievements of 16 milestones and three targets set for the first instalment as outlined in the Council Implementing Decision.

The milestones and targets cover reform and investment in the areas of construction & renovation, environment, waste management, mobility & urban planning, research & development, education, rule of law, anti-corruption, judiciary, taxation, remote work and digitalisation.

The EU Commission said that Maltese authorities provided detailed and comprehensive evidence demonstrating the fulfilment of the 16 milestones and three targets.

President of the EU Commission Ursula von der Leyen said, “Malta has been working, for example, on strengthening the fight against corruption and increasing the independence of the judiciary.”

Transparency International Corruption Perception Index

While on paper Malta appears to have made progress in its fight against corruption, Transparency International’s latest corruption index places Malta at a new all-time low.

Malta has so far received €41.13 million in RRF grants out of a total €316 million allocated. The RRF is a performance-based temporary recovery instrument to mitigate the economic and social impact of COVID-19. It is expected to contribute 2.15 per cent of the country’s GDP.

The RRF addresses six key policy pillars: a green economic transition, digital transformation, sustainable economic growth, social and territorial cohesion, health and economic resilience, and developing policies for the next generation.

In Malta’s case, the majority of funds are expected to contribute towards a green economic transition, with policies for the next generation expected to receive the least amount of funding.

Recovery and Resilience Scoreboard of Malta, by the EU Commission

What happens next?

The EU Commission has sent its positive preliminary assessment to the Economic and Financial Committee (EFC) for its opinion, which will be delivered within four weeks. Following the opinion, the EU Commission will adopt the decision taken by the committee, disbursing the funds.

Despite record-breaking rate of inbound tourists, local spending does not match the influx

September 24, 2023
by Andre Delicata

Boosting heads in beds, does not correlate with an improvement in quality.

€10m Venture Capital Fund launched to help start-ups

September 19, 2023
by Andre Delicata

Government-backed Venture Capital Fund aimed to aid innovation

Maltese banks can withstand ‘extreme stress’, including bank runs – Central Bank of Malta

September 19, 2023
by Robert Fenech

Maltese banks’ liquidity, resilience remains high but high exposure to real estate a concern